Bitcoin Will Count On From Now On

Cryptocurrency markets are quite an active year left behind. Both Bitcoin and other cryptocurrencies have broken record after record in the past year. Some cryptocurrencies, on the other hand, made a loss upon loss. Now, one of the most important names in the industry, Vitalic Buterine, one by one, explained his views on cryptocurrencies.

Vitalik Buterin, the second cryptocurrency with the largest market cap Ethereum’s one of the founders. That’s why his statements were also very important. If you wish, without further ado, let’s take a look at the statements made by the Ethereum founder on Twitter one by one.

Here is the “tweet-storm” of the Ethereum founder, in his own words:

Happy New Years to all… Today, I’ve written in the last 10 years. I’m thinking of doing a little tweet-storm about what I think about some topics today.

In an article I wrote in 2013, I explained how Bitcoin can help Iranians and Argentines. The point here is that Bitcoin be resistant to censorship and to benefit internationally. It wasn’t the supply of 21 million. In addition, I said that I think stablecoins will also develop. Last week, I went to Argentina and saw that what I said that day was true. Cryptocurrency adoption is high in the country, but stablecoin adoption is also really high. Many businesses work with USDT. Of course, if the US dollar signals further deterioration, then things could change. In another article I wrote, Bitcoin services are increasing day by day. the consequences of being regulated I mentioned. The main argument here is that, regardless of what legal category Bitcoin is in, it is not intelligent, but technologically censorship-proof. was to resist the states.

My views today are as follows: Bitcoin’s decentralization, even in an environment of very hostile regulation to be created against it. to survive will provide. However, it cannot thrive in this environment. Successful censorship resistance requires a combination of technological robustness and public legitimacy. To be honest, here are my PoS and sharding estimates for 2015 it was wrong and ridiculous. So what was my main mistake here? I think I’ve overestimated the complexity of software development, the difference between a PoC and a proper production practice with 2014-era ideas. For example, 12-dimensional hyper-cubes…

In terms of the simplicity of both the final version and the way to get there, the Ethereum research team today is addressing the issue of simplicity. much more attaches importance. Pragmatic compromises deserve greater appreciation. Still today, my comment that “Internet money should not cost more than 5 cents per transaction” Even though I stand behind it 100% this was the thought of the year 2017. Our current goal is to come here. That’s why we’re still working hard on scalability. Also on ‘Sharding’ without any negatives I can say that we are on our way.

• Blockchain 1.0: Every node downloads everything and there is consensus too.
• BitTorrent: Each node only downloads a few things, but there is no consensus.
• Ideal: BitTorrent-like efficiency but blockchain-like consensus…

On energy expenditure of proof of work in 2012 I was an apologetic. Fortunately, however, I became optimistic about the proof-of-stake in 2013. I believed this was a good alternative. This actually reflects a broader intellectual evolution I have:

I like ‘X’ from ‘X is what I have to defend, so whatever suits X must be true’ I like ‘X’ but X has flaws and Y corrects them so I now I support X+Y‘

Altcoins before it got that good I loved them too. In 2013, in two articles I wrote 2 months before Ethereum, I stated the following;

• Different chains lead to different destinations.
• The cost of having too many chains is minimal.
• A solution should be created to prevent the main team from being composed of wrong people.

Do you agree with these? Most of the above arguments much less defensible today because chains are more universal, implementations are more complex, which makes bridging more risky, and experiments are much more feasible in layer 2… However, there are still some things in layers 2. i think it can’t be done. So there is still room for different Tier 1 projects.

Bitcoin Cash I was much more optimistic about it. I would agree with the argument that large blocks are more important than small ones in the war on scaling. Today, BCH is more of a failure I can count as My main idea here is that communities built around a rebellion, they go through tough times in the long run. Because they put courage above a competency. Instead of going the smarter route, they rally around the resistance.

In 2016 and 17, for someone to build Uniswap I gave courage. Honestly, I’m proud of my posts. Even though I said the idea of ​​”Do something really simple and stupid” here, I do the same thing too much about PoS and Sharding. I could not do it. This took too long.

Applications envisioned in the Ethereum whitepaper:

• ERC-20 style tokens
• algorithmic stablecoins
• Domain name systems (like ENS)
• Decentralized file storage and computing
• DAOs
• Wallets with withdrawal limits
• Oracles
• Prediction markets

in 2014 with stable coins I wrote a detailed article about it. For most of this post, I have addressed the question of whether you can have a stablecoin without an oracle by using blockchain data (eg, the PoW differential) to fake price predictions. I’m more pessimistic about this right now because of the PoS shift. We need new oracles. And if we want to make stable coins strong against the collapse of the US dollar, to more active governance we need.

Results:

• My ideas about politics and large-scale human organization were then more it was naive. I focused too much on simple and complete formal models and did not anticipate the difficulties of culture. But now I do.
• I had good instincts to escape the craziest points of Bitcoin maximalism. And although I made a few minor mistakes I got away quickly.
• Just because X makes mistakes doesn’t mean the rebellion against X will go well. This too from the difficulties of politics is one.
• In technology, rather than production software development issues abstract ideas I was more often right. Over time I had to learn to understand the latter.
• now than in the past to more simplicity I realize that we need it.